Elon Musk Finally Buys Twitter For $44 Billion: Here’s Everything To Know About The Deal

After a series of tweets in the past few days, tech billionaire Elon Musk has finalized his deal in purchasing the social media platform Twitter. Tesla's CEO, the richest person in the world, has bought the company in an all-cash deal for $44 billion. Twitter will be owned by Musk as each share is valued at $54.20.

Elon Musk Will Take Over Twitter Later This Year

Elon Musk's deal to purchase Twitter is expected to close by the end of this year. The transaction is reportedly unanimously approved by Twitter's board of directors. Musk's Twitter takeover has emerged as the third biggest tech acquisition in history. For the deal, Musk secured $25.5 billion of debt and margin loan financing. In addition, he will give over $21 billion in equity to complete the deal.

Who Will Run Twitter Post The Deal?

The 16-year-old social media platform will be becoming a private entity once the deal is complete later this year. Now the biggest question is who will be running Twitter after the deal is successful? Notably, the press release shared by the company quoted both CEO Parag Agarwal and chairman Bret Taylor, so they still seem to have their previous roles. So it appears that Agarwal will continue to run Twitter for the time being.

Given that Musk is already tied up with his job as CEO of Tesla and SpaceX, he isn't expected to take up another major role any time soon.

After the announcement, Musk tweeted, "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated." Furthermore, he said, "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans."

Changes Coming To Twitter In The Future

Notably, Musk rolled a Twitter poll recently asking people if they want to add a button to edit tweets. This feature is already confirmed by the company recently and is expected to be released soon. Musk also wants to remove spam bots from the platform, apart from making Twitter's algorithm open source. The tech billionaire already made it clear that he wants Twitter to be a space for free speech.

Let's see what the future holds for one of the largest social networking platforms in the world.